Prominent Investor: Bitcoin Trend Reversal is Imminent, Big Rebound Likely
#Bitcoin has lost more than 70% of its value in 2018. But it’s not too late for a rebound, says Fundstrat’s Tom Lee. The co-founder of Fundstrat said in an interview with Bloomberg that he sees various catalysts that could still drive the BTC price higher by the end of the year. Lee mentioned growth in a number of major investment banks that are building products in conjunction with Bitcoin and the launch of an ICE-backed crypto exchange as two main factors that could prove bulls for Bitcoin. “I do believe major institutions get FOMO if BTC rises. Institutional investors want [volatility], and today you can find [volatility] in cryptocurrencies and pot,” he added. But there are voices within the same Wall Street space that believe institutional adoption could break bitcoin. Caitlin Long, a Wall Street veteran turned Bitcoin evangelist, thinks to put BTC in the hand of centralized players would “offset the currency’s algorithmically-enforced scarcity.” Custodians go against the ethics of BTC by holding the private keys on behalf of clients, similar to conventional assets like stocks.